Bank of Japan Governor Kuroda speech at the Meeting of Councillors of Nippon Keidanren (Japan Business Federation) in Tokyo

  • Exports, output increasing as emerging market demand recovers
  • Japan economy now able to move forward supported by tailwinds from global economic recovery
  • Extremely important for Japan's economy for companies be innovative, create demand for new products and services
  • 10-yr JGB yields have been stable around zero pct even as long-term rates in many other countries rose, showing BOJ's yield curve control exerting intended effects
  • By implementing new policy framework appropriately, BOJ can take advantage of global recovery momentum to produce even benefits to Japan economy
  • Japan's economy no longer in deflation but yet to achieve 2 pct inflation target, which is a global standard
  • Essential to secure some room for monetary policy responses by aiming for 2 pct inflation, raising interest rate that is neutral to economy
  • Let me reiterate that BOJ's 2 pct inflation target is a global standard
  • From somewhat long-term perspective, global economy seems to have moved out of its adjustment phase after the global financial crisis
  • Deceleration in global trade volume was largely driven by sluggish demand in business fixed investment, mainly in emerging economies

(Headlines via Reuters)

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Also, via Bloomberg:

  • Growth pace in advanced economies has accelerated
  • Global economy has moved out of post-Lehman adjustment phase
  • Excessive appreciation of the yen has been fairly corrected

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